ARENA increases funding commitments to RE projects to nearly $400m in FY 23-24

This covers over 70 projects.

The Australian Renewable Energy Agency (ARENA) has committed a total of $392.5m for 72 renewable projects in fiscal year (FY) 2023 to 2024, an increase from $358m for 35 projects in FY 2022 to 2023.

In a statement, ARENA said its funding was underpinned by the project assessment and approval process for two funding rounds, Community Batteries Round 1, and the Hydrogen and Iron & Steel Funding Rounds.

“Whether that be at the research and development stage, or through to deployment, it’s important that the public and private sectors work together to maximise the benefits of renewable energy for Australian consumers and the economy,” said ARENA CEO Darren Miller.

Aside from this, ARENA said it opened new programmes and funding rounds in the current fiscal year, including the Hydrogen Headstart Round 1 ($2b in funding), Solar Sunshot ($1b in funding), and Battery Breakthrough Initiative ($500m in funding).

“With a strong pipeline of funding for renewable energy projects available and our continued support for new and innovative technologies, ARENA is perfectly positioned to continue to support Australia’s energy transition and help meet our climate goals,” said Miller.